The Spanish Securities Commission (CNMV) has published its 2025 Activity Plan, setting out three strategic lines for the next three years and 44 concrete objectives for 2025 aimed at strengthening supervision and supporting capital markets development. The plan includes the creation of a new department focused on retail investor protection and financial education, and highlights priority workstreams on cryptoassets, sustainable finance, cybersecurity and artificial intelligence, alongside a review of internal procedures to simplify processes. On investor protection, the CNMV plans to intensify financial education and anti-fraud efforts, reinforce supervision of product and service marketing to retail investors including newly regulated cryptoassets, and monitor finfluencers’ compliance with rules on investment recommendations under the Market Abuse Regulation and the CNMV’s finfluencer guide. Further initiatives include guidance on Digital Engagement Practices, a review of cost-disclosure obligations to clients, analysis of supervised firms’ use of AI across credit institutions, investment firms and collective investment scheme managers, publication of MiCA Q&As and related sector and investor outreach, and the development of an anti-money laundering risk map for crypto-asset service providers. On sustainable finance, the plan foresees supervision of prospectus disclosures under the European Green Bond Regulation. To support capital markets, the CNMV will establish a working group to track implementation of OECD recommendations to revitalise Spain’s stock market, consider options to ease new admissions to trading, promote SME access to capital markets, monitor industry preparations for the move to T+1 settlement, and prepare for the entry into force of the Royal Decree on takeover bids for companies listed on multilateral trading facilities. Institutionally, the agenda includes launching a telephone-query chatbot, renewing the CNMV website, developing a three-year cybersecurity strategy, starting its digital transformation including the first phase of the European Single Access Point, and promoting staff exchanges with other authorities, alongside work on a longer-term strategic framework looking toward 2030.
Spanish Securities Commission (CNMV) 2025-02-26
Spanish Securities Commission publishes 2025 activity plan with 44 objectives and a new retail investor protection and financial education department
The Spanish Securities Commission (CNMV) released its 2025 Activity Plan, outlining three strategic lines and 44 objectives to enhance supervision and support capital markets. Key initiatives include a new department for retail investor protection, focus on cryptoassets, sustainable finance, AI, and a review of internal procedures. The plan addresses investor protection, capital market support, and institutional improvements, including a three-year cybersecurity strategy and digital transformation efforts.